[BLOG] Three Ways Senior Care Facilities Can Maximize Revenue in 2023

The state of the economy has hit many industries hard, with the healthcare sector being no exception. With increased labor and direct supply costs, inflation costs, as well as a growing demand for diversified care solutions, the passing of recent federal mandates has left many in the Senior Living & Care industry scrambling to keep up.

Despite the further pressures, there are some positive trends that point to future business opportunities for progressive Senior Care Facilities. Since late 2022, unemployment and inflation rates have decreased across the boards, whereas consumer spending has remained constant. Senior care facilities have also benefitted from the deceleration of new construction sites, causing occupancy rates in current facilities to increase in response to the perpetual demand for senior home and behavioral health care.

Consumer demands and expectations continue to grow and evolve over time, making room for senior care facilities to leverage their businesses in new ways.

Here are three ways to take advantage of the current trends:

1. Pinpoint your facility’s unique selling point. Consumers want to have the best of everything, and usually that means having access to something others don’t. A great way to promote your facility is by demonstrating how you provide an exclusive service or amenity along with everything else that is typically offered. Residents and their families want to feel as though they are in the best of hands, whether it comes down to facility layout, dining options, recreational activities, or social engagements. The demand for more diverse health and wellness solutions means that your facility has the ability to stand out if you keep your residents’ best interests in mind at all times.
2. Stay up-to-date on the latest technological advancements designed to manage facilities of your size and scope. The more accurately you can expedite critical decision-making regarding your facilities, the easier it will be to generate revenue. Invest in an all-in-one online dashboard like primeVIEW, which allows you to track important data relating to your real-time census, as well as your labor, financial and clinical systems. When it comes to post-acute care, having QAPI compliant data like this at your fingertips is invaluable to running a smooth and meticulous operation.
3. Reevaluate your marketing and sales approach. In an era that concentrates on wellness and lifestyle, consider how best to promote the superiority of your facility compared to your peers. Potential consumers want to feel as though their overall health and quality of life is going to be improved by choosing you, and a large portion of that has to do with the coordination of care provided. Create a comprehensive care model with wellness plans that your facility can execute seamlessly every time; Not only will it increase the level of confidence your current residents have in you, but it will demonstrate to potential consumers that your facilities are capable of consistently providing favorable outcomes and solutions for everyone.